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 Replies: 16 / Views: 3,146 |
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Pillar of the Community
Canada
5246 Posts |
@gidjit, I would have paid you at least $30!
Quite the low ball.
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Pillar of the Community
United States
7626 Posts |
Seems like they, or a similar operation, shows up down here in North Texas about every 4 to 6 weeks at some mid-grade hotel running essentially the same type of ad in the local Tuesday ad drops. The last event was the same weekend for the Grapevine Texas Coin Show and they were set up a just few blocks away from the show. They do prey on the uninformed.
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Pillar of the Community
 Canada
5590 Posts |
Gidgit and I are in the same town and one of these dirtbag companies shows up every 4-5 months and takes out full-page ads in the local papers. I pity the poor folks that take them up on their "I'll give you xxx...". They should be arrested.
Edited by okiecoiner
05/13/2023 6:44 pm
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Pillar of the Community
United States
2282 Posts |
Education is the KEY to collector success!
You realize when you know how to think, it empowers you far beyond those who know only what to think.
-Neil deGrasse Tyson
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Pillar of the Community
 Canada
5400 Posts |
You are never going to win with these guys .
Best thing to do set up your own buy with ALL
EXPENSES involved and see what you can really
pay someone for their coins.
You would be surprised to see what it takes to make
a profit .
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Pillar of the Community
Canada
999 Posts |
I did the same type of experiment with these guys last year. I went in and played dumb. They were paying 50% of bullion value for silver and offered a small fraction of trends for a few ICCS graded coins. I went in the morning and it was amazing how many items they had already bought from people.
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Valued Member
Canada
89 Posts |
They show up somewhat regularly where I live too. I find it so funny that even in their flyer they give themselves away as scammers. One coin they always mention in their flyer they want to buy is the 1967 Canadian $20 gold coin (a coin that I have in my collection, which resides in a PCGS PF-66 holder). The price they will give you, according to their ad? A measly $100. Obviously based on melt value alone, one should be getting significantly more than this. I just have to wonder how many people fall victim to their ways.
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Pillar of the Community
United States
6595 Posts |
I don't get it. They offer you a price. You take it or leave it. Where's the scam Quote:
One coin they always mention in their flyer they want to buy is the 1967 Canadian $20 gold coin. The price they will give you, according to their ad? A measly $100. Obviously based on melt value alone, one should be getting significantly more than this. I just have to wonder how many people fall victim to their ways. I put that on uneducated people |
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Pillar of the Community
Canada
2301 Posts |
The target is people who do not know. A scam is the politest word to use.......deceitful advertising at best....theft......comes to mind.
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Pillar of the Community
Canada
1505 Posts |
Shady business practices, I do believe they are ripping unsuspecting people off by claiming "we pay highest cash prices for..." and I would suspect they are coming close to violating or breaking laws around financial abuse if someone is elderly.
I don't care how expensive and hard it is for them to make money. Yes, people should be educated, but from the tactics described over the years by people in this forum is clearly unethical, especially if anyone they purchase from is elderly.
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Pillar of the Community
Canada
4911 Posts |
Quote:
I don't get it.
They offer you a price.
You take it or leave it.
Where's the scam They frame themselves to be experts and do everything in their power to look reputable..just to deceive potential sellers. They don't look like the scum that they are. They don't do our hobby/business any favors either with their shady and abusive behavior. They aren't a coin shop taking advantage of a seller who walked in and asked for too little, they are traveling and soliciting potential sellers through the mail. I once went to a local shop the same day that these people were in town, they set up next door to the coin shop...how convenient eh? When the coin shop put a sign or two outside to make sure people knew exactly which location was the ACTUAL coin store, these wandering scam artists started flooding the coin shop with fake bad reviews online. Don't defend them.. Feel free to call me Will.
Edited by thedollarman
05/14/2023 6:39 pm
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Valued Member
United States
449 Posts |
I guess it makes sense that they apparently move around from place to place a lot, and their website doesn't work.
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Pillar of the Community
Canada
2781 Posts |
Quote:
Quote:
I don't get it.
They offer you a price.
You take it or leave it.
Where's the scam Kinda feel the same way. They're running a business, if you don't like it - don't patronize it. I wonder how many nay-sayers have ever sniped or cherry-picked a coin and made a little bank? Or does everyone do the right thing and alert the seller to their mistake? |
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Moderator
Australia
16849 Posts |
Quote:
I wonder how many nay-sayers have ever sniped or cherry-picked a coin and made a little bank? Or does everyone do the right thing and alert the seller to their mistake? There is a difference between cherry-picking something from a dealer, and lowballing newbies. In both cases, the dealer is, supposedly, "the expert". For a dealer selling coins, the onus is on them to research their own product and ask reasonable prices. Too expensive, and people walk away and they don't make sales; too cheap, and re-sellers will be making profit at their expense. But for a dealer coming in aggressively offering to buy like this, they are marketing themselves as the experts. There is a societal expectation that such self-proclaimed experts will not deliberately and premeditatedly lie in order to maximize their profits. Or suppose you are a reknown expert in a certain field. You walk into a coin dealer who is not an expert in that field, and they ask you for some (free) advice on the coins they have in stock. In this case, you are the expert; it would be unethical for you to lie to the dealer and mis-identify rarities as common coins, just so that you can cherry-pick the gems out of his stock. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Pillar of the Community
Russian Federation
5176 Posts |
Quote:
I wonder how many nay-sayers have ever sniped or cherry-picked a coin and made a little bank? Or does everyone do the right thing and alert the seller to their mistake? TBF in some of the more extreme cases I did ask if the seller really wanted to sell me that coin for that price... I think once or twice they did end up keeping the coin, but they usually said I could have it. OTOH a lot of the stuff I get is from "too low grade for us to bother with" bins/binders and I can't exactly fault the seller for not looking through that material much. And then there was the accidental aluminium case where my inconvenient choice of words led to me feeling like I legitimately scammed the seller, and I ended up going back and apologizing. (They let me have the coin anyway, and it's now the Numista type picture.) |
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Posted 05/13/2023 5:32 pm
